KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) has once again announced plant shut-down from February 13 to 17 due to low inventory supply on Wednesday, citing a notice sent to Pakistan Stock Exchange.
“Due to continued shortage of inventory level, the management of the company has decided to shut-down automobile plant from February 13, 2023 to February 117, 2023,” stated a notice sent to the Pakistan Stock Exchange (PSX).
In the filing, Pak Suzuki said that the company’s imports “adversely impacted clearance of im-port consignment which resultantly affected inventory levels”.
Consequently, the company decided to extend its automobile plant shutdown to February 13-14, it said. However, its motorcycle plant will continue to operate.
It was the fourth consecutive announcement by the company of keeping brakes at its production activities in 2023. Earlier, the company suspended production activities from Jan 2-6. The firm stated that its supply chain is affecting due to restrictions of the State Bank of Pakistan (SBP).
Later in January, PSMC notified the closure again that it would keep the automobile plant shut from January 9 to January 20, attributing the same reasons for curbs on the import of CKD kits.
It is pertinent to mention here that PMSC is the local assembler, manufacturer and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.
The State Bank of Pakistan (SBP) imposed restrictions on the opening of Letters of Credit (LCs) after unabated rupee depreciation. Industries were facing hindrances in operations as the coun-try’s reserves have depleted to a critical level. –Agencies
